• Ethereum network’s large wallet investors continue accumulating the second-largest meme coin, Shiba Inu. 
  • Rising demand for the dog-themed cryptocurrency failed to influence SHIB price; the meme coin is 90% away from its all-time high. 
  • Shiba Inu price has been stuck in the same price range since mid-December 2022, similar to the bottom of the June 2022 crash. 

Shiba Inu, a Dogecoin-killer meme coin, is being scooped up by large wallet investors on the Ethereum network. Whales have accumulated SHIB tokens consistently since 2022. Despite demand from whales, the cryptocurrency is stuck in a tight range and 90% away from its all-time high. 

Also read: Ethereum prepares for Shanghai hard fork in March 2023, will ETH crumble under selling pressure

Ethereum whales accumulate Shiba Inu

Ethereum network’s large wallet investors scoop up the meme coin consistently through dips in SHIB’s price. This started in mid-2022 and continued throughout the second half of the year. The Dogecoin-killer is currently 90% away from its all-time high. 

SHIB accumulation by whales

SHIB accumulation by whales

Shiba Inu is the second largest cryptocurrency by market capitalization after Dogecoin. Despite rising demand from whales, the dog-themed meme coin has failed to wipe out losses from crypto winter. 

On close observation, the accumulation by whales reveals that retail participation is low, and institutions and professional traders are scooping up SHIB in the current price range. There needs to be more participation from retail, as sentiment among traders remains bearish.

Shiba Inu price was stuck within a tight price range after mid-December and continued to slip lower in 2023. The decline in SHIB has brought the meme coin close to a critical support level at $0.0000081. Shiba Inu price was within this range at the bottom of the June 2022 crash. 

Data from crypto intelligence tracker Whalestats confirmed that SHIB features on the list of top 10 most traded tokens among the 100 largest whales on the Ethereum network. This confirms a rising demand for the Dogecoin-killer above the support level. 

Shiba Inu needs market-wide participation from retail traders to wipe out losses from crypto winter and the spreading of FTX contagion.


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